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tv   [untitled]    November 11, 2010 3:30am-4:00am PST

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the use. all in favor of passing items 11 and 12? >> aye. >> next item please. >> is it possible to skip 15 and do the rest of its? >> absolutely. >> moving on to item 14, discussing the movement of 30% for the construction contract pipeline no. 5 -- east bay reaches, and authorizes to approve anything needed for a project contingency of 223% of the original contract price.
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should they also call item 15 as well? >> i think you should. did >> an increase of 17% to the existing 10% for the construction contract pipeline and authorize the general manager to approve any accumulative contract associated with circumstances of to 27% of the original contract price. >> in the interest of time, i can take questions, or if you want me to summarize further, i can do that, too. >> i will second that. >> any questions or comments on this item? all those in favor? thank you.
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next item, mr. secretary. >> the information you provided was helpful, and that is what makes it possible. >> the regional construction services to c.h.p. for additional services associated with restoration science within the sunol valley region and increasing the agreement for a total not to exceed $19 million, provided that expenditures shall be limited to pre-construction of a nativity until such time as the commission views and considers the final environmental documents and determines whether or not to
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approve the proposed project subject to supervisors' approval. amendment no. 1 for the agreement for additional construction services associated with habitat restoration sites within the peninsula region to execute this amendment, increasing the agreement for a total of $26 million, provided expenditures should be limited until such time as the commission considers environmental documents and determines whether or not to approve the proposed project. items 16 and 17. >> public comment?
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>> aye. >> so we return to item 14? >> the principal amount of $600 billion in bonds to fund water improvement programs and subject to the approval of the board of supervisors to authorize the delivery of related documents authorizing the general manager to sell bonds on competitive negotiated basis of the general manager determines the best interest, delegating to the general manager authorization to reward bonds to the highest manager and also authorizing the resolution to the board of supervisors, of addressing the issue cannot expand the principal amount, provided that such bonds shall be subject to
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the terms and adopting findings for the quality act. also providing a 3% threshold. >> i am before you again as part of what we're doing for the water system improvement program. in your packet is a great deal of information. we have sold $2 billion in loans.
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this would be doing another a up to $600 million in your packet. a continuation of existing strategies. we always try to go to market with the cheapest debt. the assets we are funding have 65 or 70 years. sometimes more. savings of 1% under our 5% planning. the reason i should say we are
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timing this in december as opposed to january -- congress has not removed the 35% interest rate, so this would allow them to capture more savings, and that is significant for our customers. the saving is about $10 million. the overview financing authorities -- what is before you is consistent with ordinance 189. we will be going by to the board next week.
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this outlines the projected program, 83 programto 85 cents for the project. the rest goes to cross -- costs such as construction that has been the case since the financial market melted in 2008. that is noted as a strength. your package was so large " because it contains these resolutions. the official notice of sale, the notice of intention of sale, a
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custody agreement, and one more thing i want to make sure to talk to you about as well is that we have handed out an update of things that turn new information that we want to make sure we bring to you. what this does is of dates the official -- updates the official packet with the information she gave you. it also of its various tables for additional audits -- updates various tables for additional audit information. it includes a very wet october. the city attorney's office has
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provided an update to the proposition, and lastly, we have updated some entitlement information, so everything we typically do and you delegate to the staff to make various updates as long as they are reviewed with the city attorney. and i will see if she has any other comments. >> i would like to point out there is a typo showing the resolution approved $500 million in bonds, whereas we are asking you to approve six. i want to make sure we got that on the record so it will be corrected. good >> it is correct every
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place except page 3, line 10, where it is a five instead of a six. i am so sorry about that. >> questions. >> one other of state i would like to provide for you -- update i would like to provide for you is the last slide. there is not a market available right now. our credit rating is so high, it is higher than most bond insurers with the exception of one, and we have an equal raging. the only one that was not insured was warren buffett, and he is no longer writing insurance on municipal bonds.
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because we are a strong rating, you do not need to buy additional ratings. they have chosen not to buy it either. we think there will be a normalization over the next couple years, so i want to make sure you are aware of that, and lastly, the private use. because we sell a portion of the water to california walker, we are always making sure we are selling a small amount of taxable commercial paper to make sure we provide regulation. we are really on track, and i think there are additional savings for rate-payers. >> thank you so much. >questions or comments devlin --
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or comments? >> they have to buy everything or nothing. bring the checkbook. i would also like to acknowledge mark. he is the debt manager who does the heavy lifting. if i could have the public manager rise, too. >> thank you very much barry and -- very much. >> team effort. we really appreciate it. is there a motion? >> i think we have reached the circumstances were the documents way more than i do, and i need to go on a diet, so i guess that
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is a commendation. >> all those in favor? >> aye. >> where are we? >> we will now move into closed session. the first item will be if there is any public comment on closed session. >> any public comment on closed session? hearing none, we will move to a closed session. >> i will move. >> is there a second? >> if you would give me a moment, item 20 related to the chief of security concerning water and power, legal counsel,
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existing litigation, court of appeals for the state of california first appellate california first appellate district, filed in january 29, >> i will move not to disclose. >> is there any additional new business experts -- new business? president vietor: i would like to take a short moment because the believe michael's mother passed. african have a few moments of silence on her behalf, i would appreciate it. -- if we can have a few moments of silence on her behalf, i
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would appreciate it. please pass onto mr. carlin our sympathies and condolences. >> madame president, you may request a motion to adjourn if there is no other business. >> so moved. president vietor: meeting adjourned.
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